Armco Steel Co

AK Steel Holding Corp. agreed to buy stainless steel maker Armco Inc. for about $1.04 billion, uniting two of the biggest producers of automotive steel. * Times Business News on Radio: Our reporters provide perspective on markets, entertainment and other news on the KFWB-Los Angeles Times Noon Business Hour every weekday on KFWB-AM (980). Guide to Our Staff: Need to reach Business section reporters or editors? A guide to the section's staff can be found at: http://www.latimes.

Armco Steel Co. said Monday that it has named Thomas C. Graham as president and chief executive and said it hopes he can make the company profitable. Graham, 65, a veteran steel executive, succeeds James McGlone, who is retiring after 42 years with Armco. The company, a 50-50 joint venture of Armco Inc. and Kawasaki Steel Corp., makes flat-rolled steel at plants that employ 8,900 in Middletown, Ohio, and Ashland, Ky.

Armco Steel Co. said it will lay off 500 employees at its Ashland plant, beginning in March, for eight to 12 weeks. Company officials blamed the move on the recession and depressed markets for its products. About 2,700 employees will remain on the job. Mike Hewlett, president of United Steel Workers Local 1865, said the union membership was "disheartened" by the layoffs, although the announcement was not a surprise.

Armco Steel Co. said Monday that it has named Thomas C. Graham as president and chief executive and said it hopes he can make the company profitable. Graham, 65, a veteran steel executive, succeeds James McGlone, who is retiring after 42 years with Armco. The company, a 50-50 joint venture of Armco Inc. and Kawasaki Steel Corp., makes flat-rolled steel at plants that employ 8,900 in Middletown, Ohio, and Ashland, Ky.

AK Steel Holding Corp. agreed to buy stainless steel maker Armco Inc. for about $1.04 billion, uniting two of the biggest producers of automotive steel. * Times Business News on Radio: Our reporters provide perspective on markets, entertainment and other news on the KFWB-Los Angeles Times Noon Business Hour every weekday on KFWB-AM (980). Guide to Our Staff: Need to reach Business section reporters or editors? A guide to the section's staff can be found at: http://www.latimes.

Two Rival Steelmakers Merging: Armco Inc. will purchase rival Cyclops Industries Inc. of Pittsburgh in a deal valued at $156.2 million, the companies said. Armco, the nation's fifth-largest steelmaker, will pay $22--half in cash and half in Armco stock--for each of the 7.1 million outstanding shares of Cyclops common stock. When the merger is completed, James F.

Two Rival Steelmakers Merging: Armco Inc. will purchase rival Cyclops Industries Inc. of Pittsburgh in a deal valued at $156.2 million, the companies said. Armco, the nation's fifth-largest steelmaker, will pay $22--half in cash and half in Armco stock--for each of the 7.1 million outstanding shares of Cyclops common stock. When the merger is completed, James F.

Armco Steel Co. said it will lay off 500 employees at its Ashland plant, beginning in March, for eight to 12 weeks. Company officials blamed the move on the recession and depressed markets for its products. About 2,700 employees will remain on the job. Mike Hewlett, president of United Steel Workers Local 1865, said the union membership was "disheartened" by the layoffs, although the announcement was not a surprise.

The City Council gave a developer the go-ahead to begin a $110 million industrial, commercial and hotel project that city officials say "will change the face of Torrance." The project will be located on 36 acres on the eastern edge of the city in the industrial redevelopment project area. The site is bounded by 213th and Carson streets and Border and Western avenues. Plans for the site, formerly the location of an Armco Steel Co.

Labor settlements over the weekend with two big steel companies mark the early fruits of an effort by U.S. unions to exchange short-term wage benefits for long-range corporate influence--by forcing union-picked members on company boards of directors. A strike by more than 15,000 steelworkers was averted Sunday when the United Steelworkers of America tentatively approved a contract with Bethlehem Steel Corp. that will place a union-nominated member on Bethlehem's board, union officials said.